The top five home remodel projects in St. Charles that will bring in the most money or recoup your investment were a surprise to me. My assumption was kitchen, bathrooms or room additions. But when looking at the return on investment the costs to remodel a kitchen or bathroom can get expensive and does not necessarily mean that you will get your money back.
Home remodels are undertaken because the home owner wants to enjoy the new look that can be experienced from the latest decorating trends. Home remodeling is not something that gets done every five years, like painting the interior might. Homes in St. Charles that are twenty to thirty years are good candidates for a remodel, especially if you plan to sell at some time in the future.
Kitchen remodels can be both major or minor. Major projects probably entail a complete makeover such as changing the layout of the kitchen, adding a center island counter, increasing the storage space, installing high end appliances and more. I have seen some incredible remodels in kitchens that it is almost hard to remember what the old kitchen looked like.
A minor kitchen remodel generally keeps the layout the same but upgrades the counters, replace or resurface cabinets, new floor and the latest style of appliances. A kitchen return on investment can range from 68.7percent to 72.8 percent.
Replacing the front door to enhance the exterior will net you 102.1%. If planning to put your home on the market be sure to check the appeal of the front door. This is what buyers see first and stare at while waiting to enter the home.
Another item with a high return is garage doors at 83.9 percent. Again this is an enhancement to the exterior and improves the curb appeal. The exterior of the home should be inviting so that would be buyers don’t just drive by.
Bathrooms weigh in at 64.1 percent, home office 45.8 percent and a finished basement at 70 percent.
Remodeled and updated homes sell faster and generally for list price (if priced at market value).
The above information was prepared by Remodel Magazine, who received 3000 responses from a national survey sent to appraisers, real estate agents and brokers. Keep in mind these are national averages and costs to remodel a home will differ by region and state.
Remodeling One Particular Room Can Add More Value to Your Home
These are truly tough financial times, and the boom days are now over for the US real estate industry. Today, many homeowners are having second thoughts on undertaking a home improvement activity, and are questioning whether if it's worth the time and money that's required. A home remodeling activity could still be done, however, as knowing which type of remodeling activity to invest in should help to make a major difference.
The positive side of remodeling your home during a recession is that, when it comes to major home remodeling aspects, renovating the bathroom, kitchen, and basement continues to serve as the main backbone of the remodeling industry and has only incurred minimal losses in recoup values, and has surprisingly maintained steady values in some cases. Home improvement analysts agree that simple improvements such as repairing the sliding door or replacing the windows lead the pack when it comes to rising recoup values.
Remodeling during a recession also has its share of negatives. As the housing market is on a slump, the pocketbooks of consumers have also gotten much thinner. With the recession serving as a gloomy backdrop, home remodeling projects have seen the largest drop in recoup values over the years. Two-story home additions for instance, have incurred a major drop in recoup values, by around 20% between 2002 and 2007. Among the other home remodeling projects that have lost value over the last five years include family room remodels, office remodels, and attic bedroom constructions.
While most studies have indicated that the overall value of home improvements have considerably dropped over the last five years, a number of projects have successfully held the recession at bay, and are steadily holding on their own. Housing analysts stress that the trick is in knowing which projects to steer clear from and spotting which ones are worth your trouble. While choosing the appropriate home remodeling job may be a wise move, it would even be smarter if homeowners see these tough times as an opportunity for negotiating affordable or even fairly-priced home remodeling deals. Who knows, these tough economic times may even provide you with much-lower home reconstruction deals?
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